Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

DH (Daehan) Shipbuilding IPO Book Building Results Analysis

Block Deal Sale of 3% Stake in HD Hyundai Heavy Industries

Trump Catalyst - Korean Shipbuilding Sector

HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?

HD Hyundai Marine Solution Block Deal Sale of 8.5% of Outstanding Shares

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO price range.</li>
<li>Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a market cap range of 2.3 trillion won to 2.9 trillion won. </li>
<li>Our target valuation multiple of 5.7x is 20% premium to the comps' P/B valuation multiple which is justified due to the company's higher ROE, operating margins and stronger balance sheet.</li>
</ul>


Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO price range.
Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a market cap range of 2.3 trillion won to 2.9 trillion won. 
Our target valuation multiple of 5.7x is 20% premium to the comps' P/B valuation multiple which is justified due to the company's higher ROE, operating margins and stronger balance sheet.


DH Shipbuilding

DH造船のIPO評価分析